Indian E-commerce giant Snapdeal on Monday revealed that it is planning to undergo major layoff in order to facilitate the efficiency, which will cut about 3/4th of the company’s workforce.
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However, it’s not the biggest layoff in Snapdeal’s history, last year Snapdeal brought its workforce from 9000 to 1200 without prior notice, according to the reports.
The decision is said to be the aftermath which occurred due to calling off one of the biggest merger in the E-commerce industry between Flipkart and Snapdeal. However, everything didn’t go as planned and SoftBank decided to invest in Flipkart.
With the money in hand which Snapdeal acquired after selling it E-wallet Freecharge for $50 Million to Axis Bank, the company plans to operate by slashing down 1000 employees of its 1200 workforce.
Snapdeal founders Kunal Bahl and Rohit Bansal have firmly given instructions to the technicals and business heads to speed up the process of paperwork for layoff, according to the sources.